Status:

Exceptions where shares of transferor company held by transferee company

931Circumstances in which meeting of members of transferor company not required (division)

(1)This section applies in the case of a division where all of the shares or other securities of the transferor company carrying the right to vote at general meetings of the company are held by or on behalf of one or more existing transferee companies.

(2)It is not necessary for the scheme to be approved by a meeting of the members, or any class of members, of the transferor company if the court is satisfied that the following conditions have been complied with.

(3)The first condition is that publication of notice of receipt of the draft terms by the registrar took place in respect of all the companies involved in the division at least one month before the date of the court’s order.

(4)The second condition is that the members of every company involved in the division were able during the period beginning one month before, and ending on, that date—

(a)to inspect at the registered office of their company copies of the documents listed in section 926(3) relating to every company involved in the division, and

(b)to obtain copies of those documents or any part of them on request free of charge.

(5)The third condition is that—

(a)one or more members of the transferor company, who together held not less than 5% of the paid-up capital of the company (excluding any shares in the company held as treasury shares) would have been able, during that period, to require a meeting of each class of members to be called for the purpose of deciding whether or not to agree to the scheme, and

(b)no such requirement was made.

(6)The fourth condition is that the directors of the transferor company have sent—

(a)to every member who would have been entitled to receive notice of a meeting to agree to the scheme (had any such meeting been called), and

(b)to the directors of every existing transferee company,

a report of any material change in the property and liabilities of the transferor company between the date when the terms were adopted by the directors and the date one month before the date of the court’s order.

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